Driver Australia Four: 29 May 2017
As the name suggests, this will be the fourth public issuance of notes backed by a pool of small balance auto loan receivables originated by Volkswagen Financial Services Australia Pty Ltd (which is a wholly owned subsidiary of Volkswagen AG) to individuals and small business customers.
Eligibility criteria for acceptance in the pool (includes): the Purchased Receivable is denominated and payable in Australian dollars in Australia; is not in arrears; the total outstanding amount with any one Debtor does not exceed A$500,000; at least two instalments have been paid.
The pool contains 15,198 receivables contracts, where the average outstanding discounted principal balance is A$32,900 and the largest is for A$490,857. The top 5 debtors account for 0.44% of current balances and the top 20 for 1.49%. Customer type (by outstanding balance): retail 100%. Product Type: Chattel Mortgage Contract 66.16%, Consumer Loan Contract 33.55% and Hire Purchase Contract 0.29%. Balloon Split: Balloon 52.95%, No Balloon 47.05%. Regional concentration: NSW 44.45%, Victoria 26.24% and Queensland 16.38%.
CRD 405: VWFS Australia, as originator, will retain for the life of the Transaction a material net economic interest of not less than 5.0% in the Transaction in accordance with paragraph 1(c) of Article 405 of the CRR.
Compare/contrast: Driver Australia Three, Driver France 3 FCT, Driver UK (Series Five)